REGISTERED NUMBER: |
Financial Statements for the Period 1 March 2022 to 31 March 2023 |
for |
Transform Healthcare Limited |
Previously known as |
Transform Healthcare Holdings Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 March 2022 to 31 March 2023 |
for |
Transform Healthcare Limited |
Previously known as |
Transform Healthcare Holdings Limited |
Transform Healthcare Limited (Registered number: 10616065) |
Contents of the Financial Statements |
for the Period 1 March 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Transform Healthcare Limited |
Company Information |
for the Period 1 March 2022 to 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Transform Healthcare Limited (Registered number: 10616065) |
Balance Sheet |
31 March 2023 |
31.3.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Transform Healthcare Limited (Registered number: 10616065) |
Notes to the Financial Statements |
for the Period 1 March 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
Transform Healthcare Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Transform Healthcare Limited (Registered number: 10616065) |
Notes to the Financial Statements - continued |
for the Period 1 March 2022 to 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have considered the company's expected financial position over the 12 month period following approval of these financial statements and have determined that the continued support of its ultimate parent undertaking could be required to ensure that the company can continue to meet its liabilities as they fall due. They have indicated their intention to continue to provide the financial support necessary via a parental support letter. Furthermore, as disclosed in the post balance sheet events note to these financial statements, after the period end £1.497m of unsecured fixed interest loan notes were issued which has a positive impact on cash flow. The directors are also reviewing a restructure of operations, which is expected to return the company to profitability in the medium term. A new finance director with relevant experience has also been appointed whom will assist in their regard. |
Based on the indication of these assessments and on the understanding that continued financial support will be available, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include the adjustments that would result from if the company was unable to continue as a going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 March 2023 |
AMORTISATION |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
Transform Healthcare Limited (Registered number: 10616065) |
Notes to the Financial Statements - continued |
for the Period 1 March 2022 to 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 March 2023 |
DEPRECIATION |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 28.2.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 28.2.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 28.2.22 |
£ | £ |
Within one year |
Between one and five years |
Transform Healthcare Limited (Registered number: 10616065) |
Notes to the Financial Statements - continued |
for the Period 1 March 2022 to 31 March 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 28.2.22 |
£ | £ |
Intercompany loan | 748,997 | - |
A fixed and floating charge exists over all present and future assets of the company in respect of obligations under this arrangement. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We did not undertake a stock count as at 31 March 2023 or 28 February 2022 and therefore we were not able to obtain reasonable assurance as to the existence or completeness of stock at these dates. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Transform Healthcare Limited is a subsidiary of Y1 Capital Ltd. The smallest group for which consolidated financial statements are drawn up of which Transform Healthcare Limited is a member is Y1 Capital Ltd which has a registered office of 1 Gordon Street, Dumfries, Dumfries and Galloway, Scotland, DG1 1EG. |
12. | POST BALANCE SHEET EVENTS |
After the period end the company issued £1,497,000 of unsecured fixed rate loan notes which are redeemable in tranches in the period up to year 2031. |